More than 100 people made redundant as Brighton i360 closes with immediate effect
More than 100 people have been made redundant as the Brighton i360 closes with immediate effect.
The seafront attraction, which opened in 2016, has debts of more than £50 million, much of it owed to Brighton and Hove City Council.
The company directors tried to find a buyer but a transaction was unable to be agreed so the company was placed into administration.
All 109 employees have been made redundant.
Steve Absolom, managing director at Interpath and joint administrator, said: “First and foremost, our thoughts are with the loyal and dedicated staff at i360 who will be devastated by this news, particularly given the time of year.
"Our immediate priority will be to work with all of them to provide them with the support they need to make claims to the Redundancy Payments Service.”
He added: “Despite engagement with key stakeholders and several interested parties over recent weeks, the directors have been unable to secure a rescue deal and avoid administration.
"Our focus will now be on working with the freehold landowners to establish a short window of opportunity for someone to step forward and resurrect the business on the site in the New Year.”
Brighton and Hove City Council says it has been working with Brighton i360 for months to try to find a buyer.
Councillor Jacob Taylor, Deputy Leader and Cabinet member for Finance and City Regeneration, said: “It’s extremely disappointing that it’s come to this, and my thoughts are with the staff at this difficult time.
“When councillors decided to back the i360 with public money in 2014 they submitted us to the market, and this is what the market has delivered.
“We will continue to work closely with Brighton i360’s administrators, Interpath Advisory, to explore further options for investment.
“The council is not in a position to take over the operation of the i360 as that would mean investing more public money in the attraction which we do not have, and I know the residents of Brighton & Hove – rightly – could not stomach."
In the new year the council says it will ask for an external independent audit to be carried out to understand and learn from the original decision to loan public money to construct the Brighton i360.
Councillor Taylor added: “Investment in Brighton i360 has clearly been a financial disaster for the council.
"Although the attraction has provided jobs, and brought in business rates, regeneration of this site did not require such high public investment and the amount of money left unpaid to the council is money we now cannot spend on frontline service delivery.
“It’s important there is an investigation into how the decision at the time of agreeing the loan came to be made and learn lessons for the future.”
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